Dogecoin Sees 24-Hour 100% Spike, as Retail Traders and Celebrities Pile On
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In an overnight bull run, Dogecoin (DOGE) has recorded a 104% increase over the past 24 hours and has posted a fresh record high at $0.3. The recent value increase has bumped the meme-cryptocurrency to the number eight position (based on crypto market cap), making it more valuable than business giants with several decades of history, like Motorola Solutions, Komatsu, and Delta Airlines.
Dogecoin has been in the limelight this week and has grown by more than 300% over the past seven days.
Dogecoin’s pervasive adoption is likely because of the numerous endorsements it has received from celebrities and public figures over the past few months. The most recent approval came when Mark Cuban, the billionaire owner of the Dallas Mavericks, announced that his organization now accepts DOGE payments for the sports team’s merchandise and tickets and promised never to sell.
Meanwhile, Elon Musk, an avid supporter of DOGE, tweeted a “DOGE barking at the Moon” picture to his 50.9 million followers yesterday. The tweet—among many other tweets from Musk—is likely the primary factor behind DOGE’s recent spike.
Key DOGE Levels to Watch — April 16
Dogecoin continues to show sheer bullish strength as the cryptocurrency taps a new all-time high amid a 106% 24-hour spike. Following the record move, the eighth-largest cryptocurrency saw a 28% sharp correction to the $0.2110 support area before jumping back into the $0.2700 area.
We expect a bullish continuation over the coming hours as trading volume picks up once again. However, bulls need to look out for sharp corrections along the way, as Dogecoin is now in overbought conditions.
Meanwhile, our resistance levels are $0.2800, $0.2900, and $0.3000, and our support levels are $0.2400, $0.2110, and $0.2000.
Total Market Capitalization: $2.17 trillion
Dogecoin Market Capitalization: $39 billion
Dogecoin Dominance: 1.8%
Market Rank: #8
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